As investors wait for a catalyst, the Cardano price remains mostly stagnant. ADA is currently trading at $1.5817, the same price range as it has been for the past few days.
This present consolidation is likely for the handle formation on the ADA price chart, which has been creating a cup and handle pattern. This pattern usually indicates that the bullish trend will continue
Now, as for Ethereum, In recent months, this token has outpaced Bitcoin, gaining more than 70% while Bitcoin’s profit ratio remains at 10%. The price of ETH is currently $2562.32, up 1.5 percent in the previous 24 hours.
Ethereum (ETH) & Cardano (ADA) Price to breakout once BTC hits low
A popular analyst and trader, Michael Van De Poppe, revealed what would trigger Cardano and Ethereum to breakout. de Poppe on Twitter says, despite the crypto markets’ less-than-ideal appearance, altcoins are still in a consolidation phase against Bitcoin.
According to him, after Bitcoin reaches a bottom, Ethereum (ETH) and Cardano (ADA) will soar to new 2021 highs.
In a tweet he also says, ADA/BTC is striving to reach a new yearly high of 0.000062, which would represent a 34.7% increase from its current price of 0.000046.
“Cardano doesn’t care and is ready for new yearly highs on the Bitcoin pair.”
The trader has also put out his two cents about the movement of the broader crypto market. He says that sentiment in the larger crypto markets is extremely negative. However, he believes that this is a bullish indication.